Turn the grill on high and allow it to heat up for 15 to 20 minutes.
Rub the roast with oil. Season to taste with salt and pepper on both sides. Other seasoning can be added if desired.
When the grill is heated, place the roast over the direct heat and sear each side for 4 to 5 minutes.
Once seared, move to an area of indirect heat by leaving one side on medium-high heat and turning off the other side on a gas grill. Place the roast on the side that is turned off. On a charcoal grill hot coals should be moved to one area and the roast should be placed over the area where there are no coals.
Cover the grill and allow the roast to cook for about 1 hour for a medium rare 2-3 lb. roast. The temperature of the grill should be around 400° F. Check for doneness with a thermopro meat thermometer. For medium rare – 145°, medium – 160°, and well done – 170°. Cook for approximately 1 1/2 for medium and 2 hours for well done.
Be sure to check for doneness often because timing can vary depending on roast size and heat of the grill.
Roast should be removed from the grill when it is approximately 5° below desired temperature and then be allowed to set for 15 minutes before carving. In this time the temperature will rise approximately another 5°.